They would not. When I was a teen, my parents had a joint income of just about $100k (definitely not low-income). When I began working, I got their hand-me-down '97 Accord. Bought for $3000 in '04, the car lasted 8 years before we sold it for $1500.

Great value for money, and it had a relatively classic look that belied its price. That's the kind of car I intend to buy again in the future.